Bahrain's national wealth fund assumes full control of McLaren Group
The Bahrain Mumtalakat Holding Company, the country's national wealth fund, has officially acquired full control of the iconic Britain-based McLaren Group. This move increases the firm's share from 60% to a full 100%. The impact on McLaren Automotive, a subsidiary of the group, remains uncertain following this change. Here's everything we know so far about the sovereign wealth firm's future strategy and McLaren's financial setbacks.
Acquisition set to bolster McLaren's long-term business strategy
Paul Walsh, the Executive Chairman of the McLaren Group, expressed that this acquisition "will further enable us to focus on delivering our long-term business plan." He hinted that this strategy would involve investments in innovative products and technologies. This could potentially equip McLaren Automotive with the necessary financial backing for future model development and electrification of its range.
McLaren's financial hurdles and introduction of new models
In recent years, McLaren Automotive has grappled with financial issues, leading to the sale of some of its classic vehicles in 2022 to finance the delayed Artura supercar. The firm also parted ways with its headquarters and Formula 1 factory in the preceding year. Despite these hurdles, McLaren unveiled new models like the 750S in 2023, a successor to the successful 720S, and launched an updated version of its practical supercar, evolving the GT into the GTS.
The acquisition could secure stability for McLaren's future
Shortly after Michael Leiters took over as McLaren CEO in 2022, he admitted that previous models were "non-mature products." The takeover by Bahrain Mumtalakat Holding Company could offer much-needed capital and stability for McLaren. This financial backing might assist the company in its mission to grow, adapt, and improve the quality of its offerings.
